Every family needs a financial plan that includes personal insurance coverage in order to cope in the event of accidents, death, illness or disability. As you are thinking about individual insurance coverage you need to consider your dependants, age and economic situation. There are a baffling diversity of insurance plans and the best insurance coverage for you will be dependant on several factors.

Life insurance for example is critical if you are married or have dependent children but is obviously less crucial for anyone without dependents. Everyone should take out disability insurance as we all need insurance cover if we can’t work. Below are brief descriptions of a number of the different types of personal insurance coverage offered.

Life Insurance Coverage

• Necessary for everybody with a dependent spouse, children or others

Life insurance is personal insurance coverage that will pay out to your dependents when you die. The coverage amount needed will depend on your particular circumstances and the amount your surviving dependents will need to keep the same lifestyle. You would be advised to think about costs of education and any debts that are outstanding when deciding on the amount of insurance needed.

Auto Insurance Coverage

• Necessary for everyone who drives a vehicle
• Minimum liability coverage essential

Liability insurance is necessary before a car can be registered and many states have a minimum of medical coverage of at least $100,000, a minimum accident coverage of $300,000 and $50,000 for property damage. Unfortunately these values may not be enough and we would recommend you have in excess of the minimum compulsory coverage. Other recommended cover also includes collision, theft and fire coverage. The cost of these insurances may be reduced by electing a higher deductible.

Costs differ a a great deal between companies and you would be advised to get a range of estimates before choosing. There may be discounts available which may depend on on where you live, your age and driving experience etc.

Homeowner’s Insurance Coverage

• Necessary for everyone who owns a house

Personal insurance coverage for your home needs to be adequate  to cover rebuilding costs and buying new furniture in the event of fire or other problems and to cover costs if an injury happens on your property. To decide the amount of insurance you will need for rebuilding, subtract the price of the foundations and land from the value of the house and make sure you have coverage for 80% of the resulting cost. Household liability cover for the majority of household policies is usually about $250 ,000.

Disability Income Insurance Coverage

• Desirable by everyone who supports themselves

Personal disability insurance coverage is important for everyone in the event of not being able to work. Many employers provide a comprehensive insurance coverage for staff but this may only be short term or low coverage and may not be sufficient. Cover can be up to 55% of your salary and is often for a limited period. If possible try to get hold of insurance that will last until retirement age. If your employer offers cover ensure that it is enough and that it lasts for enough.

Health Insurance Coverage

Medical insurance is typically provided by employers as private medical insurance coverage is usually much pricier. Check out the conditions of medical insurance provided for any constraints.

Term Life Insurance is a type of insurance that will pay out if you die while the insurance is in effect. You take out a policy for a set number of years, usually five, ten, fifteen or twenty, and the policy will only pay out if you die during the term you have opted for. There are a few insurance companies that offer thirty year policies.

Whole Life Insurance policies are different as you are covered for the whole of your life and the policy will pay out when you die, whenever that may be.

Changes in the insurance industry have made it possible to benefit from a lie insurance policy while you are still alive. For instance if you find yourself in financial difficulties you may be able to obtain a lump sum by selling the policy back to the company, although at a discounted value. If you have senior life insurance it is possible to cash in the policy if you wish to purchase one with better terms.

Senior Life Insurance Policies

These kinds of policies are usually taken out to cover funeral and other expenses occurring on the death of the individual. There may be additional benefits and the requirements are usually less strict than for other kinds of life insurance. Generally a medical examination is required and the cost of the premiums is dependant on this. there are however some senior life insurance policies that do not require a medical exam although they do tend to be slightly more costly. The amount that is paid out, of course, also depends ont he premiums. If you just want to cover funeral costs the premiums will be low, other benefits will increase the premiums.

Conclusion

As we are all well aware, unexpected events can happen and we all need to be prepared for them. Taking out a life insurance policy is one of the best things you can do to protect your family in the event of your death.

Four kinds of travel insurance are offered which are detailed below.

Health and Medical Insurance

This policy will cover you if you need health or dental emergency treatment while away from home. The majority of policies require you to pay for the treatment locally and reimburse you on arrival home. You can expect your claim to be paid out within ten days of your return home. Most policies will cover existing medical conditions if you purchase the policy within 21 days of paying your deposit or first payment. Medical cover will also include evacuation from the local hospital to a hospital close to your home. Some policies also cover family members accompanying you on evacuation.

Cancellation and Delays

If you have paid for your holiday and it is cancelled by the travel company you will be reimbursed in full. This also included reimnbursment if you are unable to travel due to a wide range of circumstances including unemployment, illness or injury, death of a family member, transport strikes, bad weather conditions etc. Other circumstances include serious damage to your home such as fire or flooding that make it uninhabitable. You will also be covered if you are called for jury duty. In addition to cancellation your holiday may be cut short by any of these events and you will be reimbursed proportionally for this. If your holiday is delayed and you need to pay for accomodation in a hotel, food etc this will be covered.

Death

Accidental death during your holiday is covered by this insurance. Pay outs are usually on the low side due to a high risk. Death due to an accident while flying is also covered and is usually a higher payout as the risk is low. Common carrier insurance covers death while using public transport such as trains, taxis, ferries etc.

Property Loss or Damage

Loss or damage to of baggage while travelling is covered. There are maximum amounts you can claim based on total claims and per item claims. There may be limitations on some types of items such as laptops, jewelry or sporting equipment.  if you hire a car while travelling you will need this type of insurance to cover damage or loss of a rental vehicle. This is usually purchased through the company from which you hire the car and can also be included if you use a credit card to pay for the hire.

Assistant Services

This is a service offered by insurance companies to provide 24 hour help wherever you may be. Make sure that you have the telephone number with you at all times in case you need help in an emergency.

A discount plan is not an insurance but it is a way to save money on certain dental procedures. There may be a 20% discount on crowns for instance. With a discount plan you can start to make savings straight away. Many discount plans also cover cosmetic procedures which are not usually included in dental insurance. Dental insurance, however, is a traditional insurance in that you pay a premium to be covered and part or all of the cost of dental treatment is paid by your insurer. The proportion that will be paid is dependant on the premiums that you pay and the deductibles. It works in the same way as other insurances so you will have to fill in a claim form and the cost of treatment is then paid, either directly to the dentist or to you.

What does full coverage dental insurance usually cover?

Coverage varies considerably between insurance providers but almost all require you to pay some of the cost of dental work. Premiums can be high so you need to take this into account when deciding on the level of coverage to choose.

Benefits can be divided into three area as follows:

Basic Care – this includes regular checkups and cleaning that are aimed at prevention.

Minor Care – this can vary but may cover some of the cost of fillings, root canals, crowns and other common procedures. Very few insurers will pay for the total cost of these types of treatments.

Major Care – Most policies will only pay a small proportion of the cost of major procedures such as surgery, dentures, orthodontic care. Other procedures arising from injury or disease are often only partially covered as well. In the unlikely event of needing major dental work it is a good idea to have dental insurance that at least partially helps to pay the considerable costs. Make sure you are aware of exactly which procedures are covered and how much they pay out. many policies have an upper limit or do not offer this class of treatment cover at all.

Cosmetic Dental Work

Most full coverage dental insurances do not include cosmetic work at all. This includes veneers, implants whitening procedures etc. If you think you may need this type of dental treatment you may want to take out a discount plan in addition to dental insurance to help you pay for it.

Although full coverage dental insurance does not cover all dental treatments, or 100% of the treatments it does cover, it is fairly comprehensive and generally affordable. It will allow you to have dental treatment that is necessary to keep your teeth and gums healthy although you will still have to pay for cosmetic work.

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The laws governing individual and group insurance coverage vary between states so check out those that apply to where you live.

Choosing Individual Insurance Coverage

It may not be easy to choose a company and plan that will suit you best. Most individual health policies require a physical examination which is not usually required for group insurance and pre-existing conditions may be excluded from the cover. Premiums may also be higher if there are any known medical conditions and also if the individual has a history of smoking or alcohol abuse. A group plan does not generally cost more under these circumstances.

Restrictions and limitations may also apply for an individual insurance plan so make sure you find out all the details before you sign up. If you have a serious medical condition you may be denied individual health cover and may need to consider Blue Cross or Blue Shield, which may be designated by your state as ‘the insurer of last resort’.

Individual insurance cover can be taken out to include spouses and dependants in addition to the insured individual.

Conclusion

In nearly all cases it would be better to take out group insurance cover rather than individual insurance coverage if this is available. Not only are the premiums lower but cover is usually more extensive and often includes pre-existing conditions. Don’t forget to check any other group you may be a member of if your employer does not offer it.

Group insurance coverage varies considerably between companies which may have plans suitable for very small (less than 10 employees) to very large companies with custom plans often available. The premiums may be covered entirely by some companies as a benefit for thei remployees while others will deduct premiums automatically. group health insurance may have some restrictions on the physician that can be used and the type of medical treatment covered. Most policies cover emergency hospital treatment as well as routine procedures and extended hospital care. Dental care and provision of spectacles may be included but policies vary on which procedures are allowed. Mental care may also be included.

Premiums can vary and may rise if some group members need high cost treatment. Not all group insurance coverage specifies a medical examination to become a member so someone with an existing condition may be allowed treatment, unlike most other types of health insurance, This can however result in higher costs for the other group members.

Advantages and Disadvantages

In general premiums will be lower than if the member took out an individual policy however there are some disadvantages. As noted above premiums can rise unexpectedly if some members have expensive treatment and the other members of the group have absorb the costs. Choice of treatments and physicians can be restricted by limiting members to an approved list of physicians. Companies who provide group insurance have been known to impose ‘no smoking’ or other policies in an effort to keep the cost of premiums low and many people might be uncomfortable with their employers taking more interest in their lifestyle.

Cover for Members Dependants

Not all group insurance plans cover spouses and dependants of the group member.

Conclusion

Group insurance coverage is a good option if your employer, church, union or other organisation offers it. As with all insurance plans be sure to check exactly what is included and be prepared to have a top up plan to cover any deficiencies. Premiums are usually lower than you would have to pay if you took out a similar plan as an individual and if cover is offered for dependants this can be a very good way to cover the family at a reasonable cost.

Should you use an insurance agent or deal directly with an insurance company?

What is the difference between using an agent or dealing with a company directly yourself? Insurance agents vary enormously in their expertise and how they go about selling you insurance. As they work on commission there may be a tendency to try to sell you a higher priced policy than you need. Not all agents will do this of course and there are many honest, hard working agents that will do all they can to ensure that you buy the best insurance coverage for you. Personal recommendation is one way to ensure you deal with an agent who has your best interests at heart!

If you do decide to use an insurance agent to guide you through all the complexities make sure you find out how long he has been in business. A well established agent will have many satisfied and repeat customers. Does he work for more than one company. This can be both good and bad. If he works for more than one company he can choose the best policy for you from a wider range but an insurance agent that only work for one company may be more dedicated and better trained in the products offered by that company.

Does he have insurance to cover his errors and omissions? If he makes a mistake he should be covered so that you do not suffer financially. Does he know exactly limitations on the coverage of any insurance plans he is selling? Question the agent thoroughly and be wary if he is evasive or less than knowledgeable on any of these points.

Dealing directly with an insurance company

If you are dealing directly with a company do some research first on their record of paying out on claims and their financial rating. Big companies will usually have an excellent rating but smaller companies, with a lower rating may be more helpful as they are in such a competitive industry. Find out how long the company has been in business and if there are any negative reports about it. Check if the company offers policies that are multi-year as these can be lower cost if you pay in advance.

Conclusion

Finding the best insurance coverage can be challenging and there are many decisions you need to make before you part with your money. If you find an excellent insurance agent who can point you in the right direction you will have a distinct advantage over trying to sort out all the options alone. However whether you use an agent or deal directly with a company you should always make sure you do the necessary research first.

Asking these questions should show you what things are good and bad things about an insurance company. You can tell quite a bit about an insurance company by these questions, and by the people who represent them.

Some things that could happen to disrupt your event include:

• fire to the venue or bad weather both of which may prevent the venue from being used
• Industrial strike that prevents participants reaching the event
• Threat of a terrorist attack that may restrict movement in the area of the venue or prevent people from reaching the venue
• Injury to visitors at the event
• Equipment needed for the event being stolen, either at the venue or while being transported
• A disease outbreak such as flu or Foot and Mouth

Another problem that may occur is injury to a participant or employee that results in a legal action against the event organiser

All of the above problems will result in cancellation or disruption of the event which could cause financial loss. Good event insurance cover will cover these and more. Insurance policies can be tailored to your requirements and could also include cover in the case of a performer or key speaker not being able to attend, due to illness etc.

If you are a business you may already have a commercial liability policy but cover will probably not extend to venues away from your usual place of business. In this case you will need separate event insurance coverage. You will need to have insurance in place to cover employees and any temporary staff you may employ specifically for the event.

Property Insurance Coverage

You may need to cover property. both at the event and while being transported to and from the venue. You may need to cover electrical and computer equipment or other equipment depending on the nature of the event such as antiques or catering equipment. Cover should be for damage by accident or fire both at the venue and in transit

Expenses Coverage

Expenses may be incurred due to cancellation of the event from any of the aforementioned causes, postponement or relocation.

Commercial Insurance Coverage for Your Business

Clothing Shops – you will need to be insured for a high volume of foot traffic in case a customer falls or slips. You may also need to protect credit card receipts both electronic and paper.

Restaurants and Sandwich Shops – cover is needed for break down of refrigerators and other equipment. You may also think about cover in the event of a customer having an allergic reaction to any food that you serve or getting sick from contaminated food.

Florists – cover is needed for damage to flowers by power cuts and refrigerator failiures. You might also want to think about taking out cover in the event of flowers, for a wedding for instance being delivered to the wrong address.

Farms – cover for animal sickness and damage caused by animals straying on to roads and causing accidents is highly recommended.

Auto Repair Shops – however careful you may be mistakes can happen and if you return a vehicle to the owner that is incorrectly repaired accidents and injury can happen. You should also have insurance in case a vehicle is damaged or stolen while on your property

Veterinary Surgeries – making a mistake could lead to injury to the animal being treated. Also, with animals on your property injury can happen to both employees and the public.

Dry Cleaners – in a dry cleaning business inflammable chemicals are used an concern here is the risk of fire. You should also be covered in case clothing is damaged during the dry cleaning or if customers property is lost.

What Does Gap Insurance Cover?

If your car is stolen or totaled in an accident you will not get the whole value of the car back. As soon as you drive it away from the showroom the value decreases dramatically and the payout from your insurance company will be for the value of the car, not the amount left on the loan. For a car that is less than a year old this may be thousands of dollars lower than you bought it for and you still have to repay all of the balance left on the loan. This can leave you in a very difficult situation. If you couldn’t find the deposit for the car you aren’t very likely to be able to cover this shortfall from your own pocket.

This is where gap insurance coverage comes in! This type of coverage will pay the balance between the amount that your regular car insurance pays out and the remaining balance on your loan. If you lease a car gap insurance coverage is generally included in the lease, although people are very often not aware of it. Leasing companies, of course, must cover their assets and you have to pay the premium.

When is Gap Insurance Coverage Offered

Automobile dealers generally offer gap insurance when you purchase a new car. Don’t let them tell you that you have to buy it from the, This is not true! You are free too buy it from any insurance company. Gap insurance coverage is generally offered for 12 months on a new car and may also be available for refinanced or used vehicles.

Spend $399 on Gap Insurance today to save possibly thousands tomorrow.

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